Greece: Scottish & Newcastle announced on December 12 it has agreed to acquire 21.5% of the shares of Mythos SA from its joint venture partner Boutari Holdings. Following the transfer of shares, S&N will own 68% of Mythos and Boutari Holdings the remaining 32%. Consideration for the stake will consist of a cash payment of Eur 4.8m and an ‘earn-out’ element of up to Eur 3.6m based on the subsequent net sales growth of the Mythos business. Under the agreement, Constantine Boutari will become non-executive Chairman of Mythos and John Kamviselis, becomes managing director.
Commenting on the agreement, John Nicolson Chairman of S&N Greater European businesses said: “This increase in our stake in the Mythos business reflects our long term commitment to the Greek market. Our aim is to further establish our position as a strong number two in the market built around the Mythos brand, and S&N’s international portfolio. Our appointment of John Kamviselis, who has wide experience of several international drinks markets, adds strength to our management team. I am also pleased that Constantine Boutari, our joint venture partner has agreed to become Chairman; his experience and knowledge of the Greek market will be valuable in the ongoing development of the business.”
Mythos Breweries S.A. operates nationally in Greece and had a market share in 2003 of 11%. The majority of the company’s sales are in ‘Mythos’, the leading Greek national lager brand that was introduced in 1997. Mythos Breweries SA operate a brewery in Thessaloniki in Northern Greece and has 262 employees.
Greece has a resident population of 11 million with a further 12 million tourists visiting annually. The annual per capita consumption of beer is around 38 litres per capita.
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